London pre-open: Stocks set for muted open in quiet trade
London stocks were set for a muted open on Wednesday following the Christmas break, with many traders still away form their desks in the run-up to the New Year.
The FTSE 100 was expected to start just three points higher at 7,071.
On the data front, BBA mortgage approvals are at 0930 GMT while in the US, pending home sales are at 1500 GMT.
In corporate news, FTSE 250 housebuilder Bovis Homes warned that volume delivery for the year is expected to be lower than anticipated and that there will be a “modest” reduction in the operating margin.
Volume delivery for the year ended 31 December is expected to be between 3,950 and 4,000 homes, depending on the number of legal completions in the remaining days of the year.
Discount chain Sports Direct said it was selling its Dunlop business to Sumitomo Rubber Industries for $137.5m in cash as part of its strategy to move upmarket.
The Dunlop Business currently operates in the UK, Europe, Asia (except Japan, Korea and Taiwan), USA and Canada. For the year to 24 April 2016, it had combined revenue of £42.64m, gross assets of £41.76m and pre-tax profits of £4.06m.
Riverstone Energy said it had invested $93m into its portfolio company Centennial Resource Development (CDEV) as part of a deal to buy independent oil and gas firm Silverback Exploration.
CDEV bought Silverback in November and struck a deal with Riverstone for an investment commitment worth $14.54 per CDEV share.
Listed infrastructure investment company International Public Partnerships announced that it has acquired a further 3.33% interest in the Gold Coast Light Rail Project from Aveng Group.
The FTSE 250 firm said the follow-on investment in the project has arisen from shareholder rights to acquire proportionate shares from fellow consortium members who choose to dispose their interests.